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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.
Run-off
The Run-off segment consists of products that are no longer actively sold and are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and ULSG.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers’ compensation business reinsured through 100% quota share reinsurance agreements and term life insurance sold direct to consumers, which is no longer being offered for new sales.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss) attributable to Brighthouse Life Insurance Company and excludes net income (loss) attributable to noncontrolling interests.
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.
The following are significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:
•Net investment gains (losses);
•Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and
•Certain variable annuity GMIB fees (“GMIB Fees”).
The following are significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:
•Amounts associated with benefits related to GMIBs (“GMIB Costs”);
•Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and
•Amortization of DAC and VOBA related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned above is calculated net of the statutory tax rate, which could differ from the Company’s effective tax rate.
The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital (“RBC”). Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
Operating results by segment, as well as Corporate & Other, were as follows:
Year Ended December 31, 2020
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings $1,383 $23 $(1,655)$(369)$(618)
Provision for income tax expense (benefit)257 3 (356)(102)(198)
Post-tax adjusted earnings 1,126 20 (1,299)(267)(420)
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings $1,126 $20 $(1,299)$(268)(421)
Adjustments for:
Net investment gains (losses)279 
Net derivative gains (losses)(132)
Other adjustments to net income (loss)(1,267)
Provision for income tax (expense) benefit235 
Net income (loss) attributable to Brighthouse Life Insurance Company$(1,306)
Interest revenue $1,811 $403 $1,269 $62 
Interest expense $— $— $— $68 
Year Ended December 31, 2019
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings $1,233 $239 $(580)$(234)$658 
Provision for income tax expense (benefit)230 49 (126)(112)41 
Post-tax adjusted earnings 1,003 190 (454)(122)617 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings $1,003 $190 $(454)$(123)616 
Adjustments for:
Net investment gains (losses)92 
Net derivative gains (losses)(2,046)
Other adjustments to net income (loss)150 
Provision for income tax (expense) benefit379 
Net income (loss) attributable to Brighthouse Life Insurance Company$(809)
Interest revenue$1,798 $376 $1,265 $53 
Interest expense$— $— $— $60 
Year Ended December 31, 2018
AnnuitiesLifeRun-offCorporate
& Other		Total
(In millions)
Pre-tax adjusted earnings$1,179 $211 $(58)$(229)$1,103 
Provision for income tax expense (benefit)201 43 (14)(73)157 
Post-tax adjusted earnings 978 168 (44)(156)946 
Less: Net income (loss) attributable to noncontrolling interests— — — 1 1 
Adjusted earnings $978 $168 $(44)$(157)945 
Adjustments for:
Net investment gains (losses)(204)
Net derivative gains (losses)745 
Other adjustments to net income (loss)(523)
Provision for income tax (expense) benefit4 
Net income (loss) attributable to Brighthouse Life Insurance Company$967 
Interest revenue $1,523 $373 $1,309 $44 
Interest expense$— $— $— $6 
Total revenues by segment, as well as Corporate & Other, were as follows:
Years Ended December 31,
202020192018
(In millions)
Annuities$4,005 $4,062 $3,921 
Life 1,081 1,115 1,160 
Run-off1,937 2,009 2,112 
Corporate & Other148 145 147 
Adjustments381 (1,704)782 
Total$7,552 $5,627 $8,122 
Total assets by segment, as well as Corporate & Other, were as follows at:
December 31,
20202019
(In millions)
Annuities$167,806 $152,740 
Life17,796 16,389 
Run-off38,366 35,132 
Corporate & Other11,320 11,892 
Total$235,288 $216,153 
Total premiums, universal life and investment-type product policy fees and other revenues by major product group were as follows:
Years Ended December 31,
202020192018
(In millions)
Annuity products$2,448 $2,522 $2,662 
Life insurance products1,418 1,561 1,677 
Other products11 12 7 
Total$3,877 $4,095 $4,346 
Substantially all of the Company’s premiums, universal life and investment-type product policy fees and other revenues originated in the U.S.
Revenues derived from any individual customer did not exceed 10% of premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2020, 2019 and 2018.